The Rivian Automotive $Rivian Automotive, Inc.(RIVN)$ stock price fell by -1.97% on Thursday, 10th Aug 2023 from $22.35 to $21.91. During the last trading day the stock fluctuated 6.46% from a day low at $21.51 to a day high of $22.90. The price has fallen in 6 of the last 10 days and is down by -15.89% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -33 million shares and in total, 50 million shares were bought and sold for approximately $1.10 billion.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $21.79 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 119.20% during the next 3 months and, with a 90% probability hold a price between $47.77 and $65.16 at the end of this 3-month period.
RIVN Signals & Forecast
There are few to no technical positive signals at the moment. The Rivian Automotive stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $24.43 and $22.78. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, July 31, 2023, and so far it has fallen -20.73%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Rivian Automotive stock
Rivian Automotive finds support from accumulated volume at $21.62 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.39 between high and low, or 6.46%. For the last week, the stock has had daily average volatility of 8.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RIVN) For The Trading Day Of Friday 11th
For the trading day on Friday, 11th we expect Rivian Automotive, Inc. to open at $22.11, and during the day (based on 14 day Average True Range), to move between $20.08 and $23.74, which gives a possible trading interval of +/-$1.83 (+/-8.33%) up or down from last closing price. If Rivian Automotive, Inc. takes out the full calculated possible swing range there will be an estimated 16.67% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $21.62 (1.32%) than the resistance at $24.70 (12.73%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Insiders are very negative selling more shares than they are buying in Rivian Automotive
In the last 100 trades there were 873.06 thousand shares bought and 31.83 million shares sold. The last trade was made 11 days ago by Krafcik John who bough 0 shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.
Is Rivian Automotive, Inc. stock A Buy?
The Rivian Automotive stock holds several negative signals and despite the positive trend, we believe Rivian Automotive will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
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